Hi to all, I am new in this crytocurrency mining. I mined about $440 of zcash but i don’t know how to convert zcash to usd. Since i live in NY I can’t use Bitfinex, Kraken, and Poloniex I don’t how to cash in. Please can anyone tell me how and where do I convert my zcash to usd and withdrew to my bank account?
Thanks in advance!
BTW i am using flypool and jaxx wallet.
Convert it to btc … find someone locally who will buy it off you… localbitcoins.com may come handy …
It’s an interesting service but not effective, you can’t relay on getting a stable exchange everytime, every time is a lottery.
Moving on:
I exchange zec to ripple on my gatehub wallet (I 've been using changelly for exchange, latly had really good rates, takes 15 mins)
From gatehub I transfer ripple in euro (in your case would be usd) to my bank account. Exchange ripple to Euro(or usd) is VERY VERY accurate and honest (better than local currency exchangers) and bank transfer cost is “only” 1% (in europe or usa, in other countries fees are different).
Note: can take a week to confirm your data and bank account.
1 Like
Local Wallet (ZEC) → BITTREX (ZEC)
BITTREX (ZEC) → BITTREX (BTC)
BITTREX (Btc) → COINBASE (BTC)
COINBASE (BTC) → BANK ACCOUNT (FIAT)
This is just one way to do it. Based on my limited experience, this process takes time. The last step, for example, is estimated to take ~1 week at COINBASE, as pointed out by @johnwisdom . Even the best case scenarios involve multiple days when converting to fiat. Best of luck…and dump Jaxx wallet. Configure a local wallet.
I will give it a try thanks for help.
I mine to Zcash4Win then whatever i decide to not hold i send off to cryptonator convert to BTC send that to Coinbase then from coinbase to paypal… Coinbase to paypal is an instant transfer for anything i’ve sent… Then i just load the balance from paypal onto a prepaid paypal mastercard… longest wait times i have is sending BTC from cryptonator to coinbase…
But isn’t that like 4% in fees?
ive never paid too close attention last transaction i did i believe i paid like $2.xx or 3.xx something in fees of course it wasn’t a massive transaction i only cashed out like $85.00 in BTC
Anyways, for whoever uses coinbase → USE GDAX for exchanging bitcoin to USD. gdax is owned by coinbase, so literally is the same company, but on gdax you can trade bitcoin to usd without any fees, here is a pretty complete review:
1 Like
so anyone who has zcash and wants to convert that to USD has to go through such a lengthy process?
also why dump Jaxx wallet, and which local wallet would u recommend to use instead? is zcash4win a better alternative?
thank you
I was anwsering based on belgarion84 method:
What I wanted to point out was the fact that if you exchange BTC to USD with coinbase if you do it through gdax you can trade BTC to USD/EURO without any fee. (I believe without this system you lose 1.49% in conversion)
My prefered method is as posted before:
Hi! So, a couple of updates/clarifications:
When I posted originally, I had not yet received a USD payment (having only submitted my reimbursement request from COINBASE that day). While the original projected processing time was ~6 days, the actual processing time was less than 48 hours. Quite reasonable, in my opinion. @johnwisdom makes several good points that warrant investigation regarding minimizing fees (always a good thing), but I chose the method I did because of the level of comfort/confidence I had in that particular sequence. Personal choice.
Regarding wallet choice: my main beef with Jaxx and all remotely hosted wallets is lack of control. You don’t control the keys, and you don’t host the wallet file on your computer. I did play around with Jaxx briefly in the beginning, but ultimately, I chose to build a copy of zashd on my computer (in a Linux virtual machine, since I mine in Windows 10), and use the Zcash GUI Wallet.
This was an informative link for me:
ZCash GUI Wallets – ZCash community blog
I will say that it took a bit of work to get it up and running (I was using Hyper-V and Linux for the first time), but I’m very happy with the results. Obviously, the burden falls to you to manage your keys and wallet files responsibly, but as long as you back them up every now and then (I do it twice a month, after each payment from Flypool posts) you’re probably good. There is a Windows version of the same GUI wallet (Zcash4win) that many swear by, but as I already have one that is working, I’m not planning on changing, personally.
Lots of words…I hope it helps some.
definitely helps thanks brother!